Bookkeeping has been around since the beginning of time (almost), and it continues to go through new phases as time passes by.
Over time, technology has continued to play a key role in the evolution of accounting and bookkeeping practice. And as you would imagine, 2019 came with its fair share of trends in the sector.
Our keen analysis revealed three key bookkeeping trends in 2019.
Cloud computing is not a very new concept, but it certainly is one of the biggest trends in 2019 and beyond. Over time, businesses and individuals are fast getting rid of desktop applications and replacing them with cloud-based ones.
Other than the fact that cloud applications offer a high level of convenience, they are also less prone to manipulation by various quotas since data is captured and recorded in real-time.
So, if you’re still using a desktop bookkeeping application today, you’re definitely missing out on a lot.
For a while now, data analytics has been fast growing across all spheres of the business world. While traditional trends such as cash flow statements and income statements still play a pivotal role in bookkeeping, data analytics has brought about avenues for in-depth analysis of business data to make more informed decisions.
With analytics, businesses can be able to understand and mitigate underlying risks at early stages as well as take advantage of upcoming opportunities. In other words, analytics grants users a pool of easily actionable information.
Automation of business processes is quickly making its way in every type of business. Long gone are days when automation was only associated with online businesses.
It is now becoming common for businesses to automate processes right from the purchasing point to the costing point, the selling point, restocking, bookkeeping, and much more.
Needless to say, automation offers a higher level of information accuracy thus boosting the integrity of business data. Of course, while at it, you also get to save a couple of dollars.
Other top accounting and bookkeeping trends in 2019 include a greater focus on data security, growing need for advisory, blockchain technology, and the rise in cloud SME’s.
Thanks for reading through to the end.
From the trends, it is fair to conclude that change in the accounting and bookkeeping space is inevitable and necessary. To remain relevant, businesses will need to embrace these new trends and incorporate them into their daily business processes.
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